The market demand curve for a private good is the horizontal sum of individual consumer demand curves. In contrast, once a public good is produced, it is available to all consumers in an identical amount. Thus the market demand curve for a public good is the vertical sum of individual consumer demand curves
Indicate whether the statement is true or false
true
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If tomato growers in Florida lobby the U.S. government to impose an import quota on Mexican tomatoes, who gains from such a quota?
A) Mexican growers B) the U.S. government C) no one D) U.S. consumers E) U.S. growers
Your roommate Hansen argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States. Hansen
A) is incorrect. Free trade raises living standards by increasing economic efficiency. B) is advancing the anti-dumping argument for protectionism. C) is correct in arguing that the high wages of U.S. workers make it impossible to compete with workers in low-wage countries. D) is right in asserting the need to protect high wages if the United States wishes to maintain its high standard of living.
Suppose the price elasticity of demand for methamphetamine is -0.35
If decriminalization caused the price of methamphetamine to fall by 75 percent, what will be the percentage increase in the quantity of methamphetamine demanded? If the price elasticity is -3.5, what will be the percentage increase in quantity demanded?
If Happy Cows, a dairy firm, merges with Best Cartons, a manufacturer of dairy cartons, the merger can alter the relationship between Happy Cows and Best Cartons from a(n) ________ to a(n) ________.
A) managerial relationship; partnership B) adversarial relationship; partnership C) partnership; adversarial relationship D) partnership; managerial relationship